Note 2 - Pillarstone Capital REIT Operating Partnership LP's Bankruptcy and Deconsolidation |
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| Reorganization under Chapter 11 of US Bankruptcy Code Disclosure [Text Block] |
On March 4, 2024, bankruptcy cases were filed by Pillarstone OP, as well as Whitestone CP Woodland Ph. 2, LLC, Whitestone Industrial-Office, LLC and Whitestone Offices, LLC, the subsidiaries owning our Real Estate Assets other than Uptown Tower, which were consolidated into the jointly administered bankruptcy cases styled In re: Whitestone Industrial-Office, LLC, et. al., Case No. 24-30653-mvl-11, in the United States Bankruptcy Court for the Northern District of Texas, Dallas Division.
As required under U.S. GAAP, we deconsolidated Pillarstone OP and its subsidiaries from our consolidated financial statements effective March 4, 2024, the date of the bankruptcy filings. As such, Pillarstone OP and its subsidiaries’ financial condition and results of operations are no longer presented in our consolidated financial statements after this date.
In the first quarter of 2024, we recognized a receivable of $4.05 million representing the estimated fair value of our interest in Pillarstone OP and its subsidiaries and an associated gain on deconsolidation of $864 thousand. In December 2025, we received $4.05 million as part of the settlement in the jointly administered bankruptcies of Pillarstone OP, Whitestone CP Woodland Ph. 2, LLC, Whitestone Industrial-Office, LLC and Whitestone Offices, LLC.
The following table summarizes the effects of the deconsolidation of Pillarstone OP and its subsidiaries on the consolidated balance sheets:
Pillarstone OP and its subsidiaries’ financial condition and results of operations for periods presented before its deconsolidation are presented as discontinued operations in our consolidated financial statements. The following is a summary of the major classes of line items constituting income from discontinued operations shown in the consolidated statements of operations:
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